Five buildings in Nairobi seized over rate arrears

Posted  Monday, November 24   2014 at  17:15

IN SUMMARY

· The city government, which is owed Sh12 billion, is targeting to squeeze Sh200 million from 150 properties.

· Tenants of the five buildings will now have to pay rent directly to City Hall until the county recovers its debt.

Nairobi County government has taken control of five buildings within the city’s Central Business District (CBD) to recover rate arrears owed to it. Four are prime properties on Moi Avenue, one of the CBD’s major roads, while the fifth is on the nearby Tom Mboya Street.

City Hall has also threatened to take over other properties whose owners owe millions in unpaid rates in what it is calling ‘Operation Clampdown’. The government, which is owed Sh12 billion, is targeting to squeeze Sh200 million from 150 properties in the next one month.

The first casualties are City Printing Works Ltd, Leo Investment Ltd, P&L Investment Ltd and Princely House Ltd, who own premises along Moi Avenue, and Brighton Investment Ltd, which has property on Tom Mboya Street. Tenants in their buildings will now have to pay rent directly to City Hall until the county recovers its debt according to the provisions of the Ratings Act. The County will also impose a three per cent interest penalty on the defaulted amounts.

http://www.businessdailyafrica.com/Five-buildings-in-Nairobi-seized-over-rates/-/539546/2533512/-/5hgocqz/-/index.html

 

More About

Kiragu & Mwangi Ltd

View our company profile for more information

CLICK HERE >>

Available

Property

Find out what is new in the Real Estate today!

BEGIN HERE >>

Search Property

Tooltip
Tooltip
Tooltip
Tooltip
Tooltip
16 Available Property (s)